Independent Audit Review
Some members will be receiving postcards from Stephanie Willis, CPA. Ms. Willis is the independent auditor hired and authorized by the Credit Union’s Supervisory Committee to audit the books and operations of the Credit Union. Independent account verification is a requirement of the audit process. If your records agree with your statements, there is nothing that you need to do. The account verification is an attempt top identify discrepancies only and is a tool used by auditors to confirm there is no fraud being perpetrated on member accounts.
What’s in a star-rating? Star ratings are assigned on a scale of zero-to-five stars(5-stars be the strongest) and are based on the current financial picture of the credit union or bank.
Why is it important to know your financial institution’s star rating? Despite the current housing market situation, the financial industry as a whole is in good condition, but there are some institutions that are not so stellar. With so many strong institutions to choose from, nobody should settle for less.